Kirk Bogard and the team at the Office of the Dean & External Relations is responsible for building relationships and securing funding for the FSB program. Some pain points for Kirk and his team include the presence of unstructured data, which necessitated extensive cleaning before meaningful analysis could commence. Additionally, there was a clear lack of understanding regarding the changing trends in student placement and salary over time. This gap in knowledge posed significant hurdles, especially when trying to discern the performance of FSB starting salaries across different majors.
To alleviate some of the difficulties Kirk faced as well as provide Kirk with ready-to-use data and visualizations, we devised comprehensive solution:
Data Cleaning: We started with the data cleaning processes to transform the raw data into a usable format. This ensured that only relevant variables were considered, paving the way for accurate analysis.
Our approach leaned heavily on data visualization:
*We created histograms that detail the salary distribution for each specific major on a yearly basis, providing a clear view of evolving trends.
*Bar charts were formulated to compare the starting salaries offered by top companies to FSB majors, shedding light on industry preferences and biases.
*Comparative Analysis: To offer a broader perspective, we juxtaposed FSB’s data with average starting salaries from Fisher School of Business and Kelley School of Business. This allowed us to benchmark FSB’s performance across various majors in comparison to other top business schools in the area.
Information Systems and Business Analytics majors tend to make the highest salaries, with Finance and Economics trailing slightly behind. The average salary for Management and Leadership majors took a big dip in 2021 to be the lowest paying major, going from just over 58,000 dollars in 2020 to under 51,000 dollars in 2021.
When comparing Farmer with Kelley School of Business and Fisher School of Business, we see that Kelley outperforms the other schools for all majors. Farmer and Fisher go back and forth for majors but are roughly the same.
For the majority of majors, both median and average salaries have risen from the time frame of 2019 to 2021.
For top companies, Information Systems majors tend to make the highest average starting salaries.
Indiana University Salaries: https://kelley.iu.edu/recruiters-companies/undergrad/statistics/salary-statistics/index.html
Ohio State Salaries: https://files.fisher.osu.edu/careers-recruiting/public/2021-10/AnnualReport2021.pdf?VersionId=UnbXIIgZenGaz8EVfozFCS1lJrl9bf5A
CPI Inflation Calculator: https://www.officialdata.org/us/inflation/2022?endYear=2021&amount=60000
R version 4.3.1 (2023-06-16 ucrt)
Platform: x86_64-w64-mingw32/x64 (64-bit)
Running under: Windows 11 x64 (build 22621)
Matrix products: default
locale:
[1] LC_COLLATE=English_United States.utf8
[2] LC_CTYPE=English_United States.utf8
[3] LC_MONETARY=English_United States.utf8
[4] LC_NUMERIC=C
[5] LC_TIME=English_United States.utf8
time zone: America/New_York
tzcode source: internal
attached base packages:
[1] stats graphics grDevices utils datasets methods base
other attached packages:
[1] DT_0.30 fontawesome_0.5.1 flexdashboard_0.6.2
[4] plotly_4.10.2 lubridate_1.9.2 forcats_1.0.0
[7] stringr_1.5.0 dplyr_1.1.2 purrr_1.0.1
[10] readr_2.1.4 tidyr_1.3.0 tibble_3.2.1
[13] ggplot2_3.4.3 tidyverse_2.0.0 pacman_0.5.1
loaded via a namespace (and not attached):
[1] sass_0.4.6 utf8_1.2.3 generics_0.1.3 stringi_1.7.12
[5] hms_1.1.3 digest_0.6.32 magrittr_2.0.3 RColorBrewer_1.1-3
[9] evaluate_0.21 grid_4.3.1 timechange_0.2.0 fastmap_1.1.1
[13] jsonlite_1.8.5 httr_1.4.7 fansi_1.0.4 crosstalk_1.2.0
[17] viridisLite_0.4.2 scales_1.2.1 lazyeval_0.2.2 jquerylib_0.1.4
[21] cli_3.6.1 crayon_1.5.2 rlang_1.1.1 ellipsis_0.3.2
[25] bit64_4.0.5 munsell_0.5.0 withr_2.5.0 cachem_1.0.8
[29] yaml_2.3.7 parallel_4.3.1 tools_4.3.1 tzdb_0.4.0
[33] colorspace_2.1-0 vctrs_0.6.3 R6_2.5.1 lifecycle_1.0.3
[37] bit_4.0.5 htmlwidgets_1.6.2 vroom_1.6.3 pkgconfig_2.0.3
[41] pillar_1.9.0 bslib_0.5.0 gtable_0.3.4 glue_1.6.2
[45] data.table_1.14.8 xfun_0.39 tidyselect_1.2.0 rstudioapi_0.15.0
[49] knitr_1.43 farver_2.1.1 htmltools_0.5.5 labeling_0.4.2
[53] rmarkdown_2.22 compiler_4.3.1